Africa is a continent that have a good number of tech savvy people and because of the nature of the continent most countries in Africa experience bad governance. And the only way they can get out of the dangling economy is to embrace the internet and make money through trading goods and services online.

I have met alot of cryptocurrency traders online who are from Nigeria. They have good knowledge of how the market works despite the fact that some countries in African like Nigeria cannot boost of 24hrs electricity they still find a way to wax their trading online and staying relevant in the digital world.

Maybe, the OP will enlighten himself about your answers here because you come from the African region. And you are responding according to your actual experience. For people outside your region, some are having different perspectives on what is happening in your region. But if you will research via net, you will already get the answer and Africa is not tailing behind with regards to cryptocurrency market.

If the OP wants more discussion on "The Outlook for Blockchain and Crypto in Africa", this 10-page document is a good read to clarify his doubts.

https://icintelligence.co.uk/wp-content/uploads/2021/05/Insight-IC_04_intelligence-INT.pdf

Cryptocurrencies are actually a getaway card from the old fiancial system that has been keeping Africa underdeveloped

Lol. 80% of the inhabitants can't access internet? Where do you get these stats from. I don't know Africa well but this can't be true.

for now only technology, such as the internet, computers and smartphones can be used as a liaison for crypto transactions, without it will be very difficult

it takes a long time to make African citizens actively transact with crypto but slowly if education is intensively carried out it will definitely make it easier for other African citizens to transact with crypto

The role of the government in accelerating infrastructure development in Africa is very much needed

According to 2021 Global crypto adoption index from Chainalysis and Usefultulips.org data, the adoption and trading volume of cryptocurrency in Africa continent has been increasing very dramatically last couple of years.

You can see many nations in this continent mentioned in the report, as top nations in terms of crypto adoption. From usefultulips' data, trading volume there on Peer to peer marketplaces has been climbing considerably since 2020.

Is there a source for this? This is what people might think about the continent and even though when compared to some other part of the world, it might seem this way but I wouldn't label it as such.


While some major interior locations might not have a connection to the main power grid this does not mean they don't have access to electricity. There is hardly a community without Generators for power or solar-powered system now.


If you check back just like 2-3 years ago, you would realize that some African countries are major crypto traders by volume according to data and Why are you even asking about "how can Crypto-Currency help the indigenous Fiat currencies and grow the African Nations Economy." or maybe you can tell us how cryptocurrency has helped any Fiat currency in other Nations.

It's nice to see and hear how bitcoin and cryptocurrencies are capturing new territories and more and more people are studying and mastering them. I realized a long time ago that this is a cool solution, especially for those countries and regions where the financial infrastructure is poorly developed. Where this is the case, blockchain is not just a solution to problems, it is a real working tool for raising the standard of living, creating new jobs and the well-being of citizens. I am sure the future will show us that this approach will have more and more examples in real life.

africa skipped over the "land line" telephone based internet (now fibre).
africa went straight to cellular telephone/internet. which was cheaper to set up and allowed more freedom of movement.

setting up cellular towers per village is much cheaper then trying to wire fibre cable to every house in the village and then wire the village to  far distance telephony switch stations.

african remote villages can very easily become more internet accessible very quickly compared to a country village in the UK

when it comes to mining. requiring alot of electric. forget it. .. not due to the electric. but just due to the sure climate of africa, its a hot country.
africa is not a place for miners. so just forget that industry.

as a currency though. using phone apps and desktop wallets. no problem

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as for africa's tireless and endless wars and economic instability trying hard to peg their currency units 1:1 with US dollar..
never going to happen

no matter what currency africa uses, america will always want to de-peg the currency.
if america can buy 'cola' or vegetables or clothing in america for $5 why would they buy the same thing from africa for $5
america want to buy it from africa for like $0.50 so america will always try to flex its muscles on the forex to devalue african countries by 10x+ so that america can buy 10x+ more product, rather than making it themselves.

put it this way. china has 4.25x more population than america. meaning if everyone has a house, food on their plate. then china should be like for like 4.45x more wealth than america.

but america dont want to lose american status as the world super power. so america flexes its forex muscles to devalue china by 5x to bring its value to appear as being less than america.

and no expansion, no extra business. no change in currency will affect that.
america will always devalue the currency swap rate in forex to allow america to get more for its money from other countries

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a bit of quick history
$1.40=1 ZAR in the 1970's (africa boomed)
but then international policies didnt like africa's policies
$0.50=1 ZAR in the 1980's (africa slumped)
$0.33=1 ZAR in 1991 (africa slumped)
$0.16=1 ZAR in 1999 (africa slumped)
$0.07=1 ZAR in 2001 (africa slumped)
$0.16=1 ZAR in 2005 (africa boomed)
$0.06=1 ZAR in 2021 (africa slumped)

no matter what forex fiat currency africa creates you will always see the powers that be devalue an african currency over time
which is why many africans prefer to avoid the ZAR(rand) and instead take value in USD(us dollar) or GBP(uk pound) EUR(euro)
after all they wont de-peg their own elitist fiats

by adopting a currency thats not on america forex market an instead on its own open market exchange. africa can actually hedge against the dollar using a deflationary currency to beat americas inflated currency. and stay away from US powers playing market manipulation of the wall street forex exchange

I think the development of cryptocurrencies has been comprehensive all over the world today, so it is very funny if we say that the African people have become interested in crypto investments recently, compared to other countries, Nigeria which is one in the African countries has their own digital currency, namely eNaira and of course this shows that the development of crypto in Africa has been going on for a long time, so that Nigerian leaders dare to take risks to issue their own digital currency.
I think about the belief that investment is a fraud as @Elbecca said, of course it doesn't only happen in Africa, in developed and developing countries many people also think that way, because of the many fraudulent news that occurs and obviously creates fear for those who want to invest, but I think in that case it's not just crypto investing but investing in general that they think about.